Paul Newman's Rolex Daytona smashes world record price at auction

Auction house Phillips put the fabled Daytona on the block yesterday as the centerpiece of its inaugural New York Watch auction.

Newman is said to have worn the Rolex Daytona watch daily from when he received it in 1969 until 1984. But then again, her husband was no ordinary man.

The most expensive Rolex just sold for $17.8 million on Thursday setting a new world record for a wristwatch.

Newman was seen wearing the watch in hundreds of photographs, the catalog noted, and it became known in some circles as the "Paul Newman" watch. In a signed letter accompanying the watch, Nell explains the moment the watch got handed down to Cox.

Phillips auction house in NY, which has been marketing the story of the timepiece around the world all year, took just 12 minutes to bring the hammer down on a price of $15.5 million (£11.85m). After the movie, he made a decision to take up the sport of motor racing himself, leading to his wife presenting the Rolex Daytona to him, with the words "DRIVE CAREFULLY ME" engraved on the back. His use of the watch spurred craze among watch fans, who lent his name to that particular style of Rolex dial.

Everyone knew it it was a watch that would break records. But who's James Cox, and how'd he get his hands on one of the most valuable timepieces in the world?

"Pop handed James his Rolex and said, ´If you can do not forget to wind this each day, it tells pretty good time, ´" wrote Nell in a signed letter accompanying the sale. Cox reportedly was dating Newman's daughter Nell at the time and was helping her father fix a tree house.

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